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The Case for an Open Fintech Ecosystem, Aaron Williamson


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Aaron Williamson, General Counsel & Director of Governance, Symphony Software Foundation, presents at FinJS London 2017.

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The Case for an Open Fintech Ecosystem, Aaron Williamson

  1. 1. @symphonyoss The case for an open fintech ecosystem Aaron Williamson Director of Governance @symphonyoss
  2. 2. ~60 Open Source Repos 300+ Contributors 4 Working Groups 27 Member Organizations 2 Individual Members 4 Working Groups 27 Member Orgaizations An industry-wide open source foundation See live community reports at • Open source projects • Member-run working groups • Conferences, meetups, and other events • Member-directed research & advocacy
  3. 3. • Independence • Transparent Governance • IP management • Quality & security checks TRUST GROWTHEXPERIENCE Why a dedicated open source foundation for financial services? • FinServ & FinTech focus • Tested collaboration policies & workflows • Developer experience • Community management • Network building • Events & promotion • Advising & enablement
  4. 4. Cultural Default closed to default open, community RoE Legal IP, regulatory Technical OSS supply chain, security-conscious workflow ✓ Open Source Readiness WG ✓ Open Developer Platform ✓ Partner with open source community experts The FinServ Open Source Challenge What to Open Source? Why Open Source? Line of Business enablement Challenges Value Decision Makers enablement
  5. 5. @symphonyoss Wall Street is finally ready to collaborate • Increasing engagement & contributions from top-tier banks • Desire for flexibility & avoiding vendor lock-in • Growing coverage in financial press • Massive interest at Open Source Strategy Forum
  6. 6. OpenFin Symphony integration • Success story of the convergence of open source & open APIs • Generates value for entire ecosystem • Vendors get new customer on-ramps via interoperability with other platforms • End users get competition at solution level, avoid vendor lock-in, workflow customization, and ability to focus on core products • Foundation’s purpose is to catalyze high-value collaborations
  7. 7. The whole ecosystem benefits from open platforms AN OPEN PLATFORM OPEN SOURCE • Commoditize to compete • Community/customer contributions • Scalable GTM • Focus on Core Value/IP • Avoid vendor lock-in • Lower total cost of ownership • Workflow self-determination • Security compliance • Contribute toward needed features YOUR VALUE PROPOSITION THE VALUE LINETHE VALUE LINE PLATFORM PROVIDER END USER / INTEGRATOR Agile and Iterative Collaborative customer relationship NETWORK DATA APPS COMMUNITY Open Ecosystem
  8. 8. @symphonyoss @symphonyoss Learn more 1117 So. California Avenue Palo Alto, CA 94304 USA +1 (650) 665-9773